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of <h1>GST Applies to Full Service Charge by Banks via Business Facilitators, Exemptions for Rural Branch Services Explained.</h1> The circular addresses GST applicability on services provided by Business Facilitators (BF) or Business Correspondents (BC) to banking companies. It clarifies that the banking company is the service provider and must pay GST on the full service charge, regardless of whether the fee is collected through a BF or BC. Additionally, it outlines that GST exemptions apply to services related to accounts in rural branches, as defined by RBI guidelines. The exemption is contingent upon the services falling under Heading 9971 and being associated with rural branch accounts, as per Notification No. 12/2017-State Tax (Rate).
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